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Seanad: National Asset Management Agency: Statements (26 May 2009)

Mark Daly: It seems Senator O'Toole will be voting for Fianna Fáil's return to Government very shortly and not only do we have a challenge to-----

Seanad: National Asset Management Agency: Statements (26 May 2009)

Mark Daly: Not only do we have to explain to the citizens and taxpayers how NAMA will work but the Irish Independent of 19 May tells us that we will also have to explain it to Deputy Eamon Gilmore-----

Seanad: National Asset Management Agency: Statements (26 May 2009)

Mark Daly: -----because for the past few months he has been unaware we were to take over the good loans the banks had as well as the bad loans. He stated it was astonishing that the Taoiseach told the House that NAMA, which was originally set up to take over distressed loans, would include performing loans. This was a revelation.

Seanad: National Asset Management Agency: Statements (26 May 2009)

Mark Daly: He did not know that and he has been giving out about NAMA and the Government's policy over recent months since we introduced the concept. When one discusses the Labour Party as the alternative government along with Fine Gael, it is well to be aware that not only are its members not reading the fine print, they are not reading the big print either. NAMA has come about because of the...

Seanad: National Asset Management Agency: Statements (26 May 2009)

Mark Daly: One could take vengeance on them too but ultimately the taxpayer will end up paying because-----

Seanad: National Asset Management Agency: Statements (26 May 2009)

Mark Daly: What we have to consider is how best to maximise the assets we will acquire. If we force the developers out of existence those half-finished projects will never see completion.

Seanad: National Asset Management Agency: Statements (26 May 2009)

Mark Daly: Often we have seen that the private sector can do a job more efficiently than the Office of Public Works. That is an issue that arose in the United States when it faced a similar problem a number of years ago where initially rather than taking down-----

Seanad: National Asset Management Agency: Statements (26 May 2009)

Mark Daly: Senator Coghlan and I can have a discussion about it in the bar afterwards.

Seanad: National Asset Management Agency: Statements (26 May 2009)

Mark Daly: Initially, rather than taking down the developers, which people wanted to do, they had to work with the developers to maximise the value. Senator O'Toole touched on another issue, and I will declare an interest because I am a former auctioneer. I am sure Senator Coghlan has done so already.

Seanad: National Asset Management Agency: Statements (26 May 2009)

Mark Daly: The valuation will be a key issue and we will have to be more than transparent. If it is seen that we are giving too much, the cry will go out from the media that we are trying to give money to the developers when we should be giving them less. There are a number of valuation methods on which I am sure Senator Coghlan could educate the House far more than I. The comparison method is no...

Seanad: National Asset Management Agency: Statements (26 May 2009)

Mark Daly: The residual valuation method is another way to proceed or the rental value, which would be another-----

Seanad: National Asset Management Agency: Statements (26 May 2009)

Mark Daly: There are guidelines but do we employ an army of valuers to go around the country trying to value these properties? We cannot give a "one size fits all" valuation because the valuation for undeveloped development land will not be the same for commercial property on Grafton Street but we must come up with some method because we cannot afford to spend millions of euro on valuers' fees and go...

Seanad: Order of Business (27 May 2009)

Mark Daly: A biscuit and a sandwich.

Seanad: Report of the Commission to Inquire into Child Abuse: Statements (27 May 2009)

Mark Daly: That is no news, David.

Seanad: Report of the Commission to Inquire into Child Abuse: Statements (27 May 2009)

Mark Daly: Senator Norris gave a passionate speech in which he raised a number of issues. The fact that there is a prohibition on posters speaking out against homophobic behaviour by school students in religious institutions is another example of how the abuse is continuing to some degree. One can but wonder who is leading those 18 religious orders because they are so out of touch. I spoke yesterday...

Seanad: Order of Business (9 Jun 2009)

Mark Daly: The Senator is very provocative.

Seanad: Companies (Amendment) Bill 2009: Report and Final Stages (9 Jun 2009)

Mark Daly: I remind Senators that they may speak only once on Report Stage, except the proposer of the amendment, who may reply to discussion on the amendment. Amendments Nos. 1 and 8 are related and will be taken together by agreement.

Seanad: Elections of June 2009: Statements (11 Jun 2009)

Mark Daly: Fine Gael does not.

Seanad: Elections of June 2009: Statements (11 Jun 2009)

Mark Daly: Winston Churchill once said that democracy seems like a bad form of Government until one considers the alternatives. Senator Buttimer said that the people have spoken, but I remind him that the elections in which they spoke were local elections. Tip O'Neill's great quote, "all politics is local", is often used during local election campaigns. It is also used in general election campaigns....

Seanad: Elections of June 2009: Statements (11 Jun 2009)

Mark Daly: The Senator should speak to his colleagues in the Fine Gael Parliamentary Party.

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